Are You Ready To Make An Offer To Buy A Home?
October 29, 2024
How to get started? In the early stages, establishing your budget and how much work you need to do on your credit is key. But once you have gotten past the initial phase of that planning you’ll want to consider the house itself and what you want from it.
You can get started by writing down your dream home’s must-have features. What size house do you want? How many bedrooms?
Do you need to be near schools, childcare, or major interstates? Separate your non-negotiables from what you feel more comfortable negotiating or haggling over.
Research the market you want to buy in. Consider analyzing recent residential real estate sales of similar properties in the area to determine a reasonable value for the home you're interested in. Online resources like Zillow and Realtor.com can be helpful.
Key Factors Before You Make An Offer To Buy With An FHA Mortgage
Ask yourself the following questions before you approach a home seller.
Is the home I want within my price range, and how much more or less is the sale price than the pre-approval amount?
What’s the first impression of the condition of the property? Does it look like it needs work, or is it pristine and in excellent condition?
If you haven’t decided on a specific property type, do the homes you have seen to date lack something important? For many borrowers, issues that seem minor early on become major headaches later, depending on the problems.
Your First Offer
It’s easy at first to consider your offer to the seller as your “best offer,” but real estate negotiations aren’t always that simple. Consider your initial offer as an opening statement.
That may lead to negotiation with the seller, but doing so is worth the hassle. According to many sources, “Flexibility is key.” Buyers go into the process willing to compromise on some parts of the home-buying process to make the sale more attractive to the seller.
Know your limits and be prepared to walk away if the deal starts to become unreasonable. That said, know WHEN and HOW you are legally permitted to walk away before you make any offer.
FHA Loan Articles
July 30, 2021The FHA Streamline Refinance allows mortgage holders to refinance their home loan without going through the process of second appraisal. Since this is a step that was completed with the first FHA mortgage, the FHA waives it for the refinance
July 14, 2021Making the decision to buy a house is a big one, followed by the choice of which house to buy. The next biggest decision you make is going to be the type of home loan you need to go through with the purchase. One option for financing your home is an FHA loan.
June 25, 2021Most first-time homebuyers decide on purchasing a home at least a year in advance, sometimes even a couple of years ahead of time. The earlier you make a decision to buy a home, the more time you have to save up for your down payment.
June 8, 2021While an FHA home loan is a good option for first-time homebuyers who don’t have enough money saved for a large down payment, it’s important to understand the ins and outs of the FHA guidelines, and what it takes to get approved as a borrower.
May 24, 2021With historically low interest rates, the mortgage industry has seen a sharp uptick in refinances. Taking advantage of the current market might be in your best interest and could lower your monthly payment significantly. Don’t forget that refinancing a mortgage comes with closing costs.
